EUR/NOK: Krone will be less weak towards year-end than during the summer – Nordea

Economists at Nordea expect EUR/NOK to trade around 12.30 during the summer, with more NOK weakening likely.

More pain for NOK ahead

We believe the NOK roller coaster ride will continue during the summer and see EUR/NOK trading around 12.30 during the summer. However, higher moves cannot be excluded.

We believe that NOK will be less weak towards year-end than during the summer. One reason for our view is that gas prices are likely to rise during the winter, implying higher NOK purchases from oil companies.